Common use of Audit Standards Clause in Contracts

Audit Standards. The independent fiscal audit shall conform to generally accepted governmental auditing principles. Such audits shall identify the funds received and disbursed under this AGREEMENT and include the following components: (i) Balance Sheet or Statement of Financial Position; (ii) Statement of Support, Revenue, and Expenses and Changes in Fund Balances or Statement Activities; (iii) Statement of Functional Expenses; (iv) Statement of Auditor’s Report; (v) Communication of Internal Control Related Matters Identified in an Audit (Management Letter) from Auditor; (vi) GRANTEE shall also submit to the agency a written management response to the findings of the Internal Control Matters.